Corn Prices Show Slight Gains Amid Shifting Market Sentiment

Corn prices rose by 3 to 6 cents across most contracts on Friday. Following a week of volatility, the May contract concluded the week with only a modest loss of ¼ cent, while the new crop December contract experienced a decline of ¾ cent. According to CmdtyView, the national average cash corn price increased by 5 ½ cents to settle at $4.29.

The latest CFTC Commitment of Traders data reveals that spec funds dramatically reduced their net long position by 117,702 contracts in the week ending March 4. This marks the second-largest Tuesday-to-Tuesday decline on record, bringing their net long to 218,752 contracts.

Export Commitments and Market Forecast

Recent export sales data indicates total corn export commitments have reached 49.567 million metric tons (MMT), which represents a 26% increase compared to last year. This amount now accounts for 80% of the USDA’s current export forecast, exceeding the 77% average pace observed at this time last year.

In advance of next week’s USDA report, analysts predict a decrease of 24 million bushels (mbu) in the U.S. corn carryout projection, estimating it will drop to 1.516 billion bushels (bbu).

Global Trade Insights

Brazil’s trade data released this morning reveals that the country exported 1.432 MMT of corn in February, a decline from 1.713 MMT from the same period last year.

Market Closing Prices

As of March 25, the closing prices for corn are as follows:

• Mar 25 Corn: $4.55 ¼, up 5 ¾ cents
• Nearby Cash: $4.29, up 5 ½ cents
• May 25 Corn: $4.69 ¼, up 5 ¼ cents
• Dec 25 Corn: $4.54 ¼, up 3 ¼ cents
• New Crop Cash: $4.19 7/8, up 4 cents

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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